Uniform Trade Secrets Act (UTSA)
How Safe Are Company Trade Secrets?
According to a recent study, there has been exponential growth in the theft of trade secrets. Another study reveals that nearly 60 percent of employees who quit a job or are asked to leave are stealing company data.
What Item Is Most Frequently Stolen By Employees?
Among those who took proprietary company data from their former employers, email was the most frequently stolen, followed by nonfinancial business information, customer contact lists, employee records, and financial information.
What Is The Uniform Trade Secrets Act?
The Uniform Trade Secrets Act (UTSA) as adopted by various states is the most common tool used by litigators to combat the theft of trade secrets. The UTSA imposes civil liability for the misappropriation of trade secrets and creates a private cause of action for the victim.
What Remedies Exist For Misappropriation Of Trade Secrets Under The Uniform Trade Secrets Act?
Remedies for misappropriation of trade secrets under the act include injunctive relief, money damages and, in cases of bad faith or willful and malicious misappropriation, reasonable attorney fees.